Strange Lisk price patterns at Yobit and Bloombit

[Emperor of Man]

Hi there. 

I've been monitoring the Lisk price in Yobit and Bloombit for about 36 hours now, so let's discuss the interesting patterns existing there.

Yobit Lisk price started from (around) 80K satoshis, and went all the way up to 2 million satoshis (0.02000000 BTCs) in about 18 hours, then right in the time that it tried to beat 0.02 BTCs another exchange, Bloombit, started to sell lots of Lisk IOUs with the price of less than 500K satoshis. As a result, the price started to fall in Yobit.

What's interesting is that Bloombit keeps to put orders of Lisk sell, everyone of them (about) 70 BTCs worth of Lisk, sold with the price of 0.00468946 BTCs. When a sell wall of 70 BTCs worth of Lisk is completely sold in a few hours, another sell order with the same size is created again. Bloombit has created these sell walls at 0.00468946 BTCs price repeatedly:

Since Bloombit is not selling real Lisk (but IOUs), so it may be trying to control and decrease Yobit price, so that Lisk wouldn't attract too much attention or launch with a high price. Who is behind it and what's he trying to do? Could it be fans of other altcoins? Since it happened exactly when Lisk was trying to beat the holy price of 0.02 BTCs at Yobit, can we point our fingers at the fans of a special altcoin?   

Any ideas? Thanks in advance. 

[ThePatient]

Idea: Sketchy exchanges are trying to make the most money they can.

[bigs21024]

No only that but it also affected the market as a whole. On yobit I noticed the guys with not much money started dumping other alts they had just to buy the fake lisk. Smfh! All of my other alts dropped like crazy. What a move by the way I'm selling gold that I have not mined yet!

[edmundduke]

Hi there. 

I've been monitoring the Lisk price in Yobit and Bloombit for about 36 hours now, so let's discuss the interesting patterns existing there.

Yobit Lisk price started from (around) 80K satoshis, and went all the way up to 2 million satoshis (0.02000000 BTCs) in about 18 hours, then right in the time that it tried to beat 0.02 BTCs another exchange, Bloombit, started to sell lots of Lisk IOUs with the price of less than 500K satoshis. As a result, the price started to fall in Yobit.

What's interesting is that Bloombit keeps to put orders of Lisk sell, everyone of them (about) 70 BTCs worth of Lisk, sold with the price of 0.00468946 BTCs. When a sell wall of 70 BTCs worth of Lisk is completely sold in a few hours, another sell order with the same size is created again. Bloombit has created these sell walls at 0.00468946 BTCs price repeatedly:

Since Bloombit is not selling real Lisk (but IOUs), so it may be trying to control and decrease Yobit price, so that Lisk wouldn't attract too much attention or launch with a high price. Who is behind it and what's he trying to do? Could it be fans of other altcoins? Since it happened exactly when Lisk was trying to beat the holy price of 0.02 BTCs at Yobit, can we point our fingers at the fans of a special altcoin?   

Any ideas? Thanks in advance. 

Or they are just collecting BTC to exit the market. This is the most coin they will ever see anyway, so it seems to be the only logical way to go.

[skeet]

Both exchange want to make money out of LISK , the higher the price they command the bigger trading commission they will get.

[sandiman]

Bloombit exchange looks like they are on their gallant last stand. They probably don't have all the lisk they are selling, and will disapear once its payback time to the buyers in bloombit.

[cryptoheadd]

Both exchange want to make money out of LISK , the higher the price they command the bigger trading commission they will get.

Not to forget, they are selling their LISKs at a huge profit, from the ICO.

[mobnepal]

Even small altcoin exchanger like bloombit is getting nice volume on their LISK ico token sales. They are trying to suck peoples money as it only cost them 18k satoshi around per LISK during ICO as i have also bought some at that time. However yobit is quite larger than bloombit so they made quite a big amount of money out of lisk tokens pump and they also done it in quite nice pattern with both buying and selling their coins. However bloombit failed to do so and they have placed all of their chunks in 400k price.  

Don't buy any of this tokens as you can get quite cheaper real lisk coins when they lauched on end of april.

[StinkyLover]

Looks like a Futures Market has been created in the crypto space. A dangerous development.

A question:

Can an individual buy a LISK IOU at say 1,000 sats and then sell it at 2,000 sats, making BTC profit without any LISK changing hands?

If yes, then this is a futures contract market and they are manufacturing BTC profit out of thin air!

[BTCLovingDude]

Idea: Sketchy exchanges are trying to make the most money they can.

i wanted to say the same thing but the problem with this idea is that they are putting up "huge" sell walls at a very low price of 0.004 according to the picture and in comparison with yobit.

they are either stupid or have other agenda against LISK.

Looks like a Futures Market has been created in the crypto space. A dangerous development.

A question:

Can an individual buy a LISK IOU at say 1,000 sats and then sell it at 2,000 sats, making BTC profit without any LISK changing hands?

If yes, then this is a futures contract market and they are manufacturing BTC profit out of thin air!

LISK is NOT released yet. period.

anything that is being bought/sold is just a promise out of thin air.

these exchangers might not even have enough LISK to cover withdrawals by the time of release and when anybody would want to withdraw what they have bought so far.

[str4wm4n]

looks like bloombit is down. ut oh!  

[StinkyLover]

Looks like a Futures Market has been created in the crypto space. A dangerous development.

A question:

Can an individual buy a LISK IOU at say 1,000 sats and then sell it at 2,000 sats, making BTC profit without any LISK changing hands?

If yes, then this is a futures contract market and they are manufacturing BTC profit out of thin air!

LISK is NOT released yet. period.

anything that is being bought/sold is just a promise out of thin air.

these exchangers might not even have enough LISK to cover withdrawals by the time of release and when anybody would want to withdraw what they have bought so far.

I completely agree, but are they buying these 'future contracts' low and selling them high? If they are then they are making manufacturing BTC profit out of thin air!

[The Sceptical Chymist]

Of course they're strange patterns--the whole thing shouldn't even exist.  The coin hasn't even been released yet! 

[Andy-Bell]

It never ceases to amaze me what you can get away with doing in Crypto land if you have no morals lol

So anyway I've got a 50mill gbp, I'll let you guys have it for 40mill interested?? I'll need you to give me the money now and i'll sort it all out in a few months honest

[Emperor of Man]

looks like bloombit is down. ut oh!  

Right, the site has been up and down with 1 - 2 hour cycles since 10 hours ago...

[BogdanCo]

Bloombit.net = SCAM! Stay away from it!!!

[Dekker3D]

looks like bloombit is down. ut oh!  

Right, the site has been up and down with 1 - 2 hour cycles since 10 hours ago...

Maybe they're preparing for "We were hacked" excuse.. just kidding

[fragout]

I dont believe there were that many buyers in the first place. Looks like the seller buying his own ious to raise the price

[Nxtblg]

Both exchange want to make money out of LISK , the higher the price they command the bigger trading commission they will get.

Not to forget, they are selling their LISKs at a huge profit, from the ICO.

Yes, and that gives them a lot of pricing room to deliberately set up sell walls that are much lower-priced than Yobit's "market" price. I think they're doing it because they want more people to sign up Bloombit so as to "buy Lisk at a discount."

Blooombit looks like a new exchange - it's a very small one, both in volume and in listings - so the most logical answer is that they're holding a kind of 'sale' as a come-on. Since their 'sale' price is way above the ICO price, they benefit in two ways: capital gains and more volume/recognition.

[TravelsAsia]

Bloombit.net = SCAM! Stay away from it!!!

Care to expand on this thought?